Our potential mortgage lenders are running credit checks on us while we’re trying to get preapproved. Will this lower our credit score?
In general, getting multiple credit checks month after month does raise a red flag and can give your score a major hit. However, if you get your credit checks done within a two-week period, it’ll only drop your score two points, max. Banks understand that credit checks are a necessity when you’re shopping for mortgages and trying to get approved, so get ’em done in one fell swoop and it won’t have a negative impact.
Nestpert Joseph Russo, Executive Director of The National Council for Financial Literacy and Real Estate Expert at ITeachAboutMoney.com
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